The lack of European competitiveness or falling behind compared to the US, China and other vibrant Asian economies has rung the urgency bell, prompting the presentation this week at the European headquarters in Brussels of a comprehensive, one-year preparation report.
Europe’s Competitiveness Challenge
According to Mr Draghi, European industry and economic competitiveness are not going to die soon; however, it is in a slow agony mode as Europeans are becoming poorer, innovation is stagnating, and consequently, competitiveness is declining. The COVID-19 pandemic and the War in Ukraine have revealed the ongoing vulnerabilities of the European economy and security.
The dependency on cheap energy, the lack of basic COVID-related medical supplies, such as masks and vaccines, the emigration of one-third of highly qualified individuals in high-tech areas, the delocalisation of basic industries like steel and chemicals, and the declining levels in international educational rankings have all underscored the necessity for a comprehensive study aimed at propelling the EU forward and making the necessary route corrections.
Key Findings and Recommendations
The report is entitled “The Future of European Competitiveness”, Part I: “A Competitiveness Strategy for Europe”, and Part B: “In-Depth Analysis and Recommendations.” These documents identify the underlying........